BTIG analyst Marvin Fong maintained a Buy rating on Etsy yesterday and set a price target of $81.00.
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Marvin Fong has given his Buy rating due to a combination of factors that highlight Etsy’s strategic positioning and growth potential. The recent partnership with OpenAI, enabling Instant Checkout through the Agentic Commerce Protocol, positions Etsy at the forefront of innovative e-commerce solutions. This collaboration is expected to modestly boost Etsy’s gross merchandise volume (GMV), with initial estimates suggesting a potential increase of approximately 1% due to new shopping-related queries on ChatGPT.
Furthermore, Fong believes that the partnership with OpenAI could unlock a larger total addressable market (TAM) and drive future innovations, which, combined with Etsy’s current undervaluation, justifies the recent rise in share price. The analyst also notes that Etsy’s existing payment infrastructure and fee arrangements with ChatGPT are favorable, as they align with its current practices and do not impose additional costs on sellers. Overall, these strategic moves are anticipated to contribute to Etsy’s GMV growth and lead to a positive re-rating of the stock, prompting an increase in the price target to $81.
In another report released on September 18, Guggenheim also reiterated a Buy rating on the stock with a $70.00 price target.